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Non-Tech : ICICI Bank Ltd - (Nyse: IBN)
IBN 29.34-1.5%3:47 PM EST
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To: Mohan Marette who wrote (10)3/29/2000 3:25:00 PM
From: sjemmeri   of 15
 
INDIA: Markets to allow internet trading
By Khozem Merchant in Bombay and Amy Louise Kazmin in New Delhi - 11 Feb 2000 13:45GMT


The Securities Exchange Board of India (SEBI) has decided to permit internet trading of shares in Indian bourses by individual investors and to allow foreign individuals to buy Indian equities for the first time.

The measures are aimed at increasing liquidity and lowering trading costs in the Indian markets.

While brokers welcomed the move to introduce internet trading, it will be some time before the first internet sales take place, since the SEBI must establish regulatory mechanisms for electronic trading.

"The global momentum for trading shares on the internet may force the SEBI to introduce this method sooner rather than later," said one broker.

Until now, foreign individuals could invest in Indian capital markets only through foreign institutions. However, they will now be able to trade on their own and receive live price data on their computers.

Brokers said the move would probably attract a greater flow of funds into the Indian markets and would lower the cost of trading for both foreigners and the Indian public.

Several Indian financial institutions, including ICICI, have already done extensive research on setting up mechanisms for internet trading.

TD Waterhouse, the US-based investment house that is the second biggest internet trader in the world, has also set up a joint venture with the Tata Group to trade on the internet in the Indian markets.
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